The Moscow Times reported that Mr Oleg Deripaska wanted to form a partnership with Glencore International, the world's largest commodity trader to run Russneft.

Mr Deripaska requested approval from the Federal Anti Monopoly Service to buy Russneft last year through his holding company, Basic Element. He said that permission from the service could take several more months.

As per report, Mr Deripaska wants to use the oil company as the basis for a petrochemical venture with an unidentified foreign partner.

Glencore based in Switzerland, is seeking separate anti monopoly approval to buy shares in production subsidiaries of Russneft.